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57 U. Pitt. L. Rev. 129 (1995-1996)
New Business Options in Pennsylvania: A Critical Analysis of the Pennsylvania Limited Liability Company and Limited Liability Partnership Act of 1994

handle is hein.journals/upitt57 and id is 139 raw text is: NEW BUSINESS OPTIONS IN PENNSYLVANIA: A CRITICAL ANALYSIS OF THE PENNSYLVANIA LIMITED LIABILITY COMPANY AND LIMITED LIABILITY PARTNERSHIP ACT OF 1994 TABLE OF CONTENTS I. Introduction ...................................... 130 II. Pennsylvania Limited Liability Company Act ......... 133 A. Definitions, Formation, Organization, and Powers . 134 B. Taxation .................................... 137 1. Federal Tax Considerations ................ 137 a. Limited Liability ..................... 140 b. Centralization of Management ......... 142 c. Continuity of Life .................... 144 d. Free Transferability of Interests ........ 149 2. State Tax Considerations. ............... 152 C. Restricted Professional Companies .............. 155 D. Foreign Entities and Interstate Business .......... 156 E. Securities Issues .............................. 157 F. Conversion to an LLC ........................ 159 III. Pennsylvania Limited Liability Partnership Act ........ 160 A. Creation of an LLP in Pennsylvania ............. 161 B. Limitation on Liability ........................ 161 C. Foreign Entities and Interstate Business .......... 165 D . Taxation .................................... 166 IV. Comparison of LLCs and LLPs With Other Choices of O rganization ..................................... 167 A. Limited Liability Companies ................... 168 B. Corporations ................................. 169 1. C Corporations .......................... 169 2. S Corporations .......................... 170 C. Partnerships ................................. 174 1. Limited Liability Partnerships ............. 174 2. General Partnerships ..................... 175 3. Limited Partnerships ..................... 176 V . Conclusion ....................................... 179

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